The typical trader is obsessed with the outcome of a trade. The professional trader is focused on the process of trading and let the outcomes take care of themselves ~ Mark Douglas
Mark Douglas’ Five Fundamental Truths
- Anything can happen.
- Every moment is unique.
- An edge is nothing more than an indication of a higher probability of one thing happening over another.
- There is a random distribution between winning and losing trades inherent to any given set of variables that create an edge.
- You don’t need to know what is going to happen next to produce a consistent income.
Mark Douglas’ Trader’s Creed
I AM a consistent winner because:
- I objectively identify my edge
- I predefine my risk on every trade
- I completely accept the risk or I am willing to scale back or let go of the trading system
- I act on my signals without reservation or hesitation
- I continually monitor my susceptibility to making errors
- I pay myself as the markets make money available to me
- I never violate these principles of my success